I have been railing about the fact that despite the massive damage that the major banks did to ordinary people and the economy leading up to and during the recent financial crisis, not a single major bank executive was even threatened with jail time. Instead the banks were merely fined amounts that seem impressive to …
Category Archive: Economics
Aug 10 2013
Aug 05 2013
Economist Dean Baker points out that speculation by the big banks and investment houses is the cause of much of our financial woes and that a financial speculation tax would be well worth implementing as a means of curbing that practice. He explains why such a tax is needed.
Aug 02 2013
Felix Salmon tells us what happened, comparing two cases, one in which Goldman Sachs sided with the defendant, the other in which they were part of the prosecution, and the big differences in the outcomes. Can you guess which case resulted in the harsher punishment? He concludes:
Aug 02 2013
Workers in the fast food industry are going on strike across the country demanding that their wages be increased so that they can live on them. It is long overdue that the minimum wage be doubled to somewhere around $15 per hour. That would do more to end poverty than many of the anti-poverty programs …
Aug 01 2013
As Ben Bernanke ends his term as the chair of the Federal Reserve in January 2014, there has been intense speculation amongst Fed watchers as to whom president Obama will choose to replace him, and the betting is that it will be either Janet Yellen, deputy chair of the Fed, or Obama advisor Lawrence Summers.
Jul 29 2013
Most if us live within our means and keep some sort of rough budget of what we can afford and it usually works to keep spending in check. It is tempting to think that that is what keeps us out of debt, and one of the easiest traps that those of us who are not …
Jul 10 2013
The chances of comprehensive immigration reform being passed by the US Congress have waxed and more recently waned with splits clearly emerging as various factions within the Republican party have struggled to decide whether it is a good thing or not.
Jun 27 2013
The Daily Show takes a close look at the banking sector in the US where, unlike in many countries, the banks seem to be more like crime syndicates than staid financial institutions. In the first clip, the show discusses yet another revelation about how the banks and ratings agencies colluded to play fast and loose …
May 30 2013
Carmen Reinhart has written yet another defense of the discredited study that she and fellow Harvard economist Kenneth Rogoff wrote. This one takes the form of an open letter to Paul Krugman, one of her harshest critics in academia. She says that it was not their fault if policymakers misread their statements about the impact …
May 25 2013
Introducing iRS from Apple, its new corporate tax evasion product, with all the sleek simplicity and hip commercials that you have come to expect from this company.